Feb 07, 2024

Bitcoin Bulls Dream of $1M as NYCB Reaches 1990s Levels – Will Crypto Tokens Like Wluna and VVS Follow Suit?

BTC price to $1M? Bitcoin bulls dare to dream as NYCB hits 1990s levels

Bitcoin (BTC) Million-Dollar Price Tags Resurface as US Regional Banking Sector Faces Crisis

The United States regional banking sector is once again facing turmoil, with Bitcoin (BTC) million-dollar price tags making a comeback.

It’s been almost a year since the collapse of multiple banks, including Signature Bank which had a strong focus on cryptocurrency. Despite being acquired, the bank’s buyer has seen a 60% decrease in value since the beginning of the year.

Investors are now turning to alternative options such as wluna crypto, wax crypto, and vvs crypto as they look for stability in the market. Other popular choices include xcn crypto, zil crypto, and tesla ai day, as well as keeping an eye on the latest developments in web 3.0 status and the constantly expanding list of web 3.0 crypto tokens.

Hayes Stands By $1 Million BTC Price Bet as NYCB Bank Stock Plummets

Bitcoin enthusiasts are experiencing a sense of deja vu as they witness what could be the beginning of another banking crisis in the United States.

Just shy of the one-year mark since the initial turmoil, the stock value of New York Community Bancorp. (NYCB) has dropped by 30% in just five days.

According to data from TradingView, the bank’s stock closed at $4.20 on February 6th, raising concerns. The fact that NYCB acquired the now-defunct crypto bank Signature last year is not lost on the Bitcoin community.

“NYCB bank is now valued at its 1997 level,” remarked Benjamin Cowen, CEO and founder of the crypto newsletter Into the Cryptoverse, on X (formerly known as Twitter).

In March 2023, Bitcoin experienced sudden volatility as regional banks began to fail, causing a domino effect that ultimately led the Federal Reserve to intervene with the Bank Term Funding Program (BTFP).

The program has been running for a year but will not be renewed, a situation that former BitMEX CEO Arthur Hayes believes will set the stage for a repeat performance.

During the initial crisis, BTC price initially suffered due to uncertainty before rebounding. As reported by Cointelegraph, Hayes predicts a potential drop to $30,000 this March, followed by a similar rebound.

In addition to NYCB’s losses, credit rating agency Moody’s downgraded its status to junk, prompting Hayes to reiterate his $1 million BTC price forecast.

“From junk to bankruptcy, that’s the future. And then the money printer goes brrrr,” reads a post on X.

Bitcoin remains steady amidst global market instability

As volatility continues to shake up markets around the world, Bitcoin stands strong.

China’s CSI 1000 index has seen a staggering $7 trillion loss since last quarter, plummeting 8% in a single day on February 5th before rebounding due to rumors of a rescue.

Despite the launch of US spot ETFs causing some turbulence, Bitcoin has yet to show significant price movement in response to these macroeconomic events.

BTC/USD has maintained a consistent daily range for over 150 days, as confirmed by data from Cointelegraph Markets Pro.

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